Rs 440 Crore GST Fraud Busted in Tamil Nadu

A racket of issuing fake invoices, without actual supply of goods to the tune of around Rs 440 crore resulting in fraudulent Input Tax Credit utilisation of about Rs 79 crore was busted, the Directorate General of GST Intelligence said in Chennai on Friday, 29 November.
Of the three key people involved in the racket, a man was arrested and remanded to judicial custody and two others are yet to be traced, the department said.

Principal Additional Director General, Chennai Zonal Unit of DGGSTI, K Anpazhakan, in an official release here said the modus operandi involved securing the PAN and Aadhar of unsuspecting persons on the false pretext of securing a bank loan and using it to float fictitious entities and registering them under the CGST Act, 2017.

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The involvement of officials of private banks in the racket by flouting several norms is being probed and further investigation is in progress, he said.

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